In addition to stop loss or opposite signals, you can also set the trades to close based on another indicator. This exit indicator uses the values of the buffer/color IDs to close the trades. For instance, you can use a different arrow indicator that provides some kind of exit signals based on buffers/Color IDs to close trades. Or you can even use the entry indicator itself but on a different timeframe. Please note you can only use an arrow-type buffer based indicator that can show exit points for buy and sell.
Please note that exit based on the opposite signal of your first indicator is inbuilt by default (unless you disabled it under settings). Therefore, there is no need to add the same indicator here unless you use a different timeframe to exit. Please disable entry optimization module (set both entry optimization by SL and by indicator signals as false) if you want to use an exit indicator.
Setting 77: Exit trades based on an Exit Indicator: You can enable or disable exit indicator here.
Setting 78: Exit Indicator Name: You need to type the exit indicator name exactly as per the indicator file name (no need to have the ex4 file extension). Further, if your indicator is NOT directly within the MT4 indicators folder (i.e. it is in a subfolder within the Indicators folder), you need to add the indicator name with the folder path. For instance, if your indicator name is “Candle Exit Indicator” and the indicator is located in the “Market” sub-folder within the main MT4 Indicators folder then you need to enter the indicator name as follows:
Market/ Candle Exit Indicator
Setting 79: Color ID for Buy Exit: This is the color/buffer ID whose value will be considered for closing buy trades.
Setting 80: Color ID for Sell Exit: This is the color/buffer ID whose value will be considered for closing sell trades.
Setting 81: Candle ID to Check on Exit Indicator: This is the candle ID to look at in the exit indicator for the buffer/color ID values. It can be anything from “0” onwards. “0” means the current forming candle and “1” means the immediately completed candle and so on. Please note that the current candle can be repainting in most indicators and be careful in using “0” here.
Setting 82: Exit Indicator Timeframe in Minutes (0=Current): You can use the exit indicator on any timeframe. Timeframe is selected by no of minutes. 0 means the current timeframe you are running the Automater. For instance 5 means 5 minute chart, 15 means 15 minute chart, 30 means 30 minute chart and so on. Please note the Automater will be running your indicator on the timeframe you specify from background.
NB: On MT4, you cannot do backtesting on multi timeframes (this is a technical limitation on MT4). So if you are backtesting on MT4, then you can only use “0” or the current timeframe. But you can use any timeframe when using on demo or real accounts on live market on MT4. However, MT5 supports multi timeframe backtesting.